Property division can be one of the most contentious areas of a divorce proceeding. Texas is a community property state, which means that, with few exceptions, all property and debts acquired during the marriage are considered to be shared equally by both spouses. Property acquired by gift or inheritance and most personal injury awards, as well as property and debts held by either spouse prior to the marriage, are considered separate property.
Texas Asset Division Attorney
In many cases, one of the biggest challenges is trying to determine what is community property and what is separate property. There are times when one spouse used separate property funds to pay for home improvements or the other spouse’s education. This is called commingling and can be very difficult to sort out. Once community and separate property have been identified, the next step is to value and distribute the community property.
Seeking a Fair Settlement on Your Behalf
At the Vern D. Richards Law Office in Frisco, I work diligently to see that my clients receive the best property division settlement available. As a community property state, Texas Law seeks to divide property in a fair and just manner, which is not necessarily 50/50. When you hire me as your lawyer, I will take the time to understand your goals and do everything I can to reach them. If there is a dispute over community or separate property, I will present the strongest possible argument to obtain a favorable result for you.
I have access to valuation experts who can help to ensure that the correct value is assigned to each asset and work to reach a property division agreement that works for everyone. It is important for spouses to reach agreement in these matters whenever possible. If they don’t, a judge may eventually divide the property for you. It is always better for couples to reach some sort of agreement than to leave it all in the hands of the judge.